Hey there! Welcome to this video on the exciting world of artificial intelligence in finance. AI has the potential to revolutionize the way we handle our money and interact with financial institutions. From fraud detection to task automation to chatbot assistants, the applications of AI in finance are endless. In fact, a whopping 80% of financial units are aware of the benefits that AI can bring to the banking sector.
But where exactly are we seeing the most impact from AI in finance? Let’s take a look.
First up, we have AI in personal finance. Consumers are increasingly looking for ways to take control of their financial health, and AI is helping financial institutions meet this demand. Through natural language processing chatbots offer 24/7 financial guidance. PolicyBazaar, an Indian insurance comparison website is using AI to provide personalized insurance recommendations to customers, or personalized insights for wealth management solutions.
Next, let’s talk about AI in consumer finance. One of the biggest business cases for AI in finance is its ability to prevent fraud and cyber attacks. With online payment, fraud losses are projected to reach 3.5 Trillion Rupees this year, which is why it’s more important than ever for banks and other financial services to offer secure accounts. And this is where AI comes in – by analyzing patterns and spotting irregularities that humans might miss, AI can help keep consumers’ accounts and financial information safe. HDFC Bank is using AI to improve its fraud detection capabilities. ICICI Bank, another leading private sector bank, is also using AI to automate its loan underwriting process, making lending decisions more quickly and accurately than traditional methods.
Finally, let’s discuss AI in corporate finance. But before we do that don’t forget to hit the subscribe button to stay updated on the latest in AI and finance only on Airr News!
For companies looking to increase their value, AI technologies like machine learning can be a huge help in improving loan underwriting and reducing financial risk. Axis Bank, one of the leading private sector bank in India, is using AI to improve its customer service, by providing helpful responses to customers’ questions about their accounts. AI can also help reduce financial crime through advanced fraud detection.
The adoption of digital services in finance isn’t just driven by consumer demand. The threat of tech-savvy startups entering the market is also pushing traditional financial institutions to up their game.
So there you have it – a brief overview of the role of AI in finance and the many benefits it brings, including some examples of Indian brands that are already utilizing AI in their operations. Thanks for watching! If you enjoyed this video, please make sure to give it a thumbs up and don’t forget to subscribe to Airr News and stay up-to-date on the latest modifications in the Finance Industry.
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